Africa50, a key infrastructure investor operating across the continent, has finalized the first close of its Alliance for Green Infrastructure in Africa — Project Development Fund (AGIA-PD), raising $118 million in historic funding.

Africa50, a pan-African infrastructure investor and asset manager, announced the first closing of the Alliance for Green Infrastructure in Africa Project Development Fund (AGIA-PD) at 118 million US dollars, marking a major step in accelerating the establishment of green infrastructure on the continent. Managed by Africa50, this fund aims to mobilize public, commercial and philanthropic capital in order to unlock seed investments for transformative and climate-resilient projects in Africa. This step was announced at the general meeting of Africa50 shareholders in Maputo, Mozambique

AGIA's first closing attracted leading investors including the African Development Bank (BAD), German Development Cooperation through KfW, the West African Development Bank (BOAD), the West African Development Bank (BOAD), the United Kingdom's Foreign, Commonwealth & Development Office (FCDO), the Soros Economic Development Fund, and the African Foundation for the climate (ACF)

The fund will target investments to accelerate the continent's transition to carbon neutrality by catalyzing green projects in strategic areas such as energy, sustainable transport and ICT. The AGIA-PD fund should contribute to increasing the portfolio of bankable projects, catalyzing private sector investments and stimulating

Alain Ebobissé, CEO of Africa50, said: “Since the unveiling of the initiative at COP27, AGIA has moved from ambition to implementation, and this first closing of the AGIA Project Development Fund is a powerful testament to this progress.”

“We are deeply grateful to our founding partners and investors for their trust and commitment. By unlocking capital for the development of early-stage projects, AGIA will contribute to accelerating the development of bankable green infrastructure projects, building local capacity, and paving the way for a more sustainable, resilient and prosperous Africa. Africa50 is proud to act as a fund manager and to drive this critical initiative forward,” he added

The focus on project development will have a highly catalytic impact on the pipeline of bankable projects in Africa, allowing for increased mobilization of the private sector in infrastructure in Africa.